Playgon Games Inc (CVE:DEAL) (OTCQB:PLGNF) said Tuesday that it plans to gain a foothold in the booming US gaming sector by licensing its Live Dealer technology south of the border.
The Canadian iGaming company said it has engaged legal firm Duane Morris LLP to represent the company in its application process to license the technology in the US. Playgon’s technology combines high definition live streaming dealers with state of the art augmented reality betting to provide an authentic casino experience.
According to Playgon, the US gaming and betting market is expected to exceed US$12.9 billion in addressable market size by 2025.
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The firm said it plans to submit applications in New Jersey, Pennsylvania and Michigan, where iGaming is currently legal. Once it receives its license, Playgon said it will be able to license and operate its proprietary Live Dealer technology before formalizing licensing deals with gaming operators in each state.
The company added that it anticipates “considerable demand” for its mobile-focused Live Dealer casino games, which include Roulette, Baccarat and Blackjack.
Playgon CEO Darcy Krogh told investors that the company is launching its US entry much quicker than anticipated, calling the US market a “blue sky opportunity”
“We are now in the process of pursuing licenses in New Jersey, Pennsylvania and Michigan for our Live Dealer technology and are confident that Duane Morris will successfully guide us through the process,” Krogh said in a statement.
“In tandem, we will remain in active conversations with operators throughout the US to increase interest and opportunities while also focusing on going live and developing business in the regulated markets we are currently approved in.”
Vancouver-based Playgon provides a multi-tenant gateway that allows online operators the ability to offer their customers innovative iGaming software solutions. Its current software platform includes Live Dealer Casino, E-Table games and Daily Fantasy Sports.
Shares of Playgon were trading 3.5% higher on Tuesday morning in Toronto at C$0.60.
Contact Angela at angela@proactiveinvestors.com
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